Verdict: At first glance the Everyday Points Platinum Rewards MasterCard seems like a top-of-the-line credit card: It allows you to earn 10 rewards points for every dollar you charge on certain purchases. But look closer: The card requires you to jump through some hoops to earn these rewards. This, along with a fairly high purchase interest rate, knock this card from the ranks of the elite rewards cards.

Overview: The Everyday Points Platinum Rewards MasterCard allows you to earn points with every qualifying purchase you charge. You can then redeem these points for everything from gift cards and merchandise to travel benefits. You’ll need to sign up for a checking account from Citizens Bank — the provider of this card — to take advantage of this rewards program.

How This Card Works: To earn rewards points, you must sign up for a Citizens Bank checking account with a Citizens Bank Everyday Points Debit Card. That’s one drawback: If you don’t want to do your banking at Citizens Bank, the rewards program might not be worth it. Another is the penalty interest rate that comes with this card. If you make one late payment, or go over your card’s charge limit, this new rate of 29.99 percent will kick in. Citizens Bank can keep this rate attached to your card indefinitely once you trigger it.

Travel and Shopping Benefits: For the first 90 days after you activate your card, you’ll earn 10 rewards points for every dollar you charge for purchases at gas stations, grocery stores and drug stores. After this period, you’ll earn three bonus points for every dollar you charge. Again, though, you’ll have to sign up for a checking account and an Everyday Points debit card from Citizens Bank to earn your rewards points.

Fees: The Everyday Points Platinum Rewards card comes with fairly high purchase interest rates of 15.99 percent, 17.99 percent or 19.99 percent depending on your creditworthiness. It does come with an introductory interest rate of 0 percent for balance transfers for 12 months. It also has no annual fee. Cash advance fees are either $10 or 3 percent of the advance amount, whichever is higher. Late fees run up to $39. This card does not charge a fee when one of your payments is returned.

Pros

No annual fee.

Generous initial rewards program.

Can cash in rewards points for a wide variety of merchandise.

Cons

Must have Citizens Bank checking account to participate in rewards program.

Purchase interest rates are high.

Penalty interest rate near 30 percent.

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